Which Will Be The Top Peforming Region For Capacitor Banks Market?

Global Capacitor Banks Market - Overview

Capacitor Banks Market is projected to grow at a CAGR of 5.60% to reach the 3,927 Million USD during the forecast period (2022-2030).

A Capacitor Bank is a group of several capacitors of the same rating that are connected in series or parallel with each other to store electrical energy. The resulting bank is then used correct a power factor lag or phase shift in an alternating current (AC) power supply. They can also be used in a direct current (DC) power supply to increase the ripple current capacity of the power supply. The Global Capacitor Banks Market is growing with the rapid pace; mainly due to the increase in the power consumption.

According to a recent study report published by the Market Research Future, The global market of Capacitor Banks is booming and expected to gain prominence over the forecast period. The global Capacitor Banks market is forecasted to demonstrate an exponential growth by 2030, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2022–2030).

Currently, the Capacitor Banks market is spurting mainly due to the growing attention and substantial investment in renewable power energy generation. The tremendous yearly addition (in capacity) of renewable energy requires the strong transmission and distribution network, which ultimately increases the demand of capacitor banks. Additionally, many countries around the world are expanding and upgrading their electric grid infrastructure, so as to fulfil the growing demand of power and margining of grid to form inter grid connection. These developments are expected to provide vital boost for capacitor banks market. However, high initial investment and fluctuation in raw material prices are the major factor that may hamper the growth of the market.

Browse Report Details @ https://www.marketresearchfuture.com/reports/capacitor-banks-market-1263

Capacitor Banks Market - Segmentation

Global Capacitor Banks Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.

Segmentation:

On the basis of technology, the market has been segmented as Line Commutated Converter (LCC), and Voltage Source Converter (VSC).

Based on End User, the market has been segmented into Commercial, Residential, and Industrial.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Global Capacitor Banks Market - Regional Analysis

Asia Pacific region dominates the global capacitor banks market mainly due to increasing demand for energy because of the growing population and improvement in the lifestyle in the region. China, India, japan and Indonesia are the major market in Asia Pacific region. China accounted for the largest share in Asia pacific region mainly due to strong economic growth along with high investment in transmission distribution network. According to IEA World Energy Investment Outlook, China is investing around USD 83 billion on their transmission distribution network. In India, the rising participation of the private sector in power generation, transmission and distribution sectors, is leading to the rapid development of robust and healthy domestic electrical equipment (EE) industry.

Competitive Landscape